Thanks Mr. Lowy

Tell It Like You Think, Frank

This week’s lovely news from the wonderful world of Westfield as they had they 50th anniversary do, was this little morsel in the papers.

Mr Lowy defended his family’s position at Westfield when it was pointed out that he and his sons, Steven and Peter, collectively earned $31 million from Westfield last year.

”It’s wrong in the first place to lump the three Lowys together,” he said. ”They are three different people doing three different jobs and they are entitled to get [paid]”.

”I don’t work for nothing … I’m entitled to get paid,” he said.

Mr Lowy let it be known that he saved his charitable streak for philanthropic interests.

”I don’t keep that money I get from the company, I give it away to a lot more deserving causes,” he said. ”I don’t think Westfield shareholders are a deserving cause to give them an extra cent.”

I’m trying to get my head around that. If you were the capitalist asking the shareholder to put in money to do your venture, how on earth do you come to the conclusion that the shareholders are undeserving, especially of an extra cent per share? I knw he’s a powerful, rich man, but calling your shareholders undeserving of an extra cent per share is such contempt and hubris on Frank Lowy’s part.

I’m never going to invest in Westfield Shares while it is under Frank Lowy’s control. Ever.

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